Workday (NASDAQ:WDAY) Price Target Raised to $320.00 at Royal Bank of Canada

Workday (NASDAQ:WDAY) had its price objective boosted by Royal Bank of Canada from $300.00 to $320.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

Several other equities analysts have also weighed in on WDAY. BMO Capital Markets reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Workday in a research note on Wednesday, September 18th. KeyCorp boosted their price objective on shares of Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Barclays dropped their price objective on shares of Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Evercore ISI reduced their target price on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a report on Tuesday, August 20th. Finally, StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and an average target price of $291.36.

Workday Stock Performance

NASDAQ:WDAY opened at $268.93 on Wednesday. The company has a market cap of $71.54 billion, a P/E ratio of 44.60, a P/E/G ratio of 5.04 and a beta of 1.34. The firm’s 50 day moving average is $255.93 and its two-hundred day moving average is $240.27. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the firm posted $0.47 EPS. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. Analysts expect that Workday will post 2.58 EPS for the current year.

Insider Activity at Workday

In other news, insider Richard Harry Sauer sold 3,134 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the transaction, the insider now directly owns 85,795 shares in the company, valued at approximately $20,228,745.10. This trade represents a 3.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $241.85, for a total transaction of $442,101.80. Following the sale, the director now directly owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This represents a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 304,463 shares of company stock valued at $74,309,458 over the last three months. 20.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Workday

A number of large investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new stake in shares of Workday during the 3rd quarter worth approximately $26,000. SouthState Corp increased its position in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after buying an additional 129 shares during the period. Crewe Advisors LLC lifted its stake in Workday by 56.6% in the second quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after buying an additional 56 shares during the last quarter. Goodman Advisory Group LLC acquired a new position in shares of Workday during the second quarter valued at $35,000. Finally, Meeder Asset Management Inc. grew its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.

About Workday

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.